{"id":35176,"date":"2024-01-17T03:53:06","date_gmt":"2024-01-17T07:53:06","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35176"},"modified":"2024-01-17T03:53:06","modified_gmt":"2024-01-17T07:53:06","slug":"bitcoin-price-signals-recovery-but-the-bears-are-not-out-of-woods-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/17\/bitcoin-price-signals-recovery-but-the-bears-are-not-out-of-woods-yet\/","title":{"rendered":"Bitcoin Price Signals Recovery But The Bears Are Not Out of Woods Yet"},"content":{"rendered":"

Bitcoin price is still struggling below the $43,500 resistance zone. BTC could start a recovery wave if there is a clear move above the $44,000 resistance zone.<\/em><\/p>\n

Bitcoin price started a consolidation phase from the $41,500 zone.
\nThe price is trading above $42,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent recovery wave if there is a move above the $44,000 resistance zone.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price found support near the $41,500 zone<\/a> and recently started a consolidation phase. BTC was able to recover a few points above the $42,000 and $42,200 levels.<\/p>\n

The price even spiked above the 23.6% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. There is also a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $42,500 and the 100 hourly Simple moving average<\/a>. If the bulls remain in action, the price might recover above the $43,250 resistance. The first major resistance is $44,000 or the channel trend line.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $44,000 resistance could send the price toward the $44,450 resistance. The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. A close above the $45,250 level could push the price further higher. The next major resistance sits at $47,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $44,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level or the 100 hourly Simple moving average.<\/p>\n

The next major support is $42,120. If there is a close below $42,120, the price could gain bearish momentum. In the stated case, the price could drop toward the $41,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,800, followed by $42,120.<\/p>\n

Major Resistance Levels \u2013 $43,250, $44,000, and $44,450.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling below the $43,500 resistance zone. BTC could start a recovery wave if there is a clear move above the $44,000 resistance zone.<\/em><\/p>\n

Bitcoin price started a consolidation phase from the $41,500 zone.
\nThe price is trading above $42,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent recovery wave if there is a move above the $44,000 resistance zone.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price found support near the $41,500 zone<\/a> and recently started a consolidation phase. BTC was able to recover a few points above the $42,000 and $42,200 levels.<\/p>\n

The price even spiked above the 23.6% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. There is also a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $42,500 and the 100 hourly Simple moving average<\/a>. If the bulls remain in action, the price might recover above the $43,250 resistance. The first major resistance is $44,000 or the channel trend line.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $44,000 resistance could send the price toward the $44,450 resistance. The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. A close above the $45,250 level could push the price further higher. The next major resistance sits at $47,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $44,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level or the 100 hourly Simple moving average.<\/p>\n

The next major support is $42,120. If there is a close below $42,120, the price could gain bearish momentum. In the stated case, the price could drop toward the $41,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,800, followed by $42,120.<\/p>\n

Major Resistance Levels \u2013 $43,250, $44,000, and $44,450.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35176","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35176"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35176\/revisions"}],"predecessor-version":[{"id":35182,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35176\/revisions\/35182"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35176"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}